So how’s the Market?

So how’s the Market? By Theresa Grant Real Estate columnist I was having lunch with a friend last week and as always, eventually, the question is asked, so how’s the market? My first thought was to say do you watch the news? But instead of saying something sarcastic I politely responded with a general overview of what is going on in the Durham Region. He then began asking questions about the types of things in todays market that affect not only the pricing of houses but the volume and speed at which a home might sell. He mentioned that there was a house on his street in Whitby that had been on the market for four weeks now. The tone in which he said it made me realize that he thought that this was a long time, and it must be overpriced or there must be something wrong with it given that it hasn’t sold yet. It seems that there is still some hangover from the Covid-19 craziness when it comes to the reality of the real estate market. While Covid-19 did see an absolute insanity when it came to real estate, with people buying houses not only without inspections, some people actually bought houses sight unseen, without even walking through them. Since then, there has been a return to more normal times in the real estate market. Meaning people have now gone back to the realtor recommended home inspection, perhaps a second or even third condition as well. We always used to have what they called a Spring market and a Fall market. That went out the window with the onset of Covid-19 but that may have just been a timing issue as well. Spring and Fall markets will always be a thing for Boomers, but with so many newcomers to Durham Region over the last few years, the market is active all year long. With the calming of the market, it was not unusual to see homes taking an average of forty-five days or two months to sell. Many perfectly priced homes sat on the market for three to four months before selling at full asking price. Many things can and do affect the market and the speed at which it moves. Today, without question, the uncertainty of what will go on with tariffs and how they will affect jobs, prices, and interest rates has many people pushing the pause button. In many cases people are waiting to see what happens next before they jump into home ownership and all the responsibilities that go along with it. Certain areas seem to be moving at a faster pace that others. But one thing is for sure, everyone is cautiously looking forward to more stable times.